I did point out last time the potential H&S
. It still remains potential though a bit more developed. We are nearing some important support on CL
. It should hold 52 -52.5 area if this is to go up. I mean of course there is always th
e possibility of a long tail in CL
to the 50 area, but the longer it stays below 52.5 the tougher it gets IMO
. Interestingly, that area is also the neckline of the H&S
and confluence with some Fib symm support. In some earlier post, I had mentioned that above the 55 area was thin air till the low 60's so this might just be a breather before a full fledged onslaught if that is the objective.